Copperbelt Energy Corporation (CEC) and Africa Finance Corporation (AFC) sign memorandum of understanding (MoU)
Copperbelt Energy Corporation (CEC) and Africa Finance Corporation (AFC) sign memorandum of understanding (MoU) to collaborate on selected power assets across the African continent
Lagos 16 March, 2012 The Copperbelt Energy Corporation Plc (CEC) and the Africa Finance Corporation (AFC), headquartered in Lagos, Nigeria, have signed a Memorandum of Understanding (MoU) to enable the parties collaborate on the development, investment and operations of selected power assets in Africa.
The principal objectives of the Parties, through the MoU, are to proactively develop, invest in, and operate selected power assets in Africa; and contribute to the promotion of Africa’s economic and social development through private sector leadership and/or public- private partnerships, while providing an attractive financial return to shareholders.
Projects that will be developed through the new partnership include the Kabompo Gorge Hydro Power Project in North-Western Zambia (cost >US$150M), the Luapula Hydro Schemes in Luapula Province of Zambia (cost >US$1Bn). The agreement will also cover investment in other African countries.
CEC owns and operates an electricity transmission network on the Zambian Copperbelt, supplying power to the mining industry, and is developing a number of new projects in the energy and telecommunications sectors. CEC is a publicly traded company, listed on the Lusaka Stock Exchange.
AFC is a hybrid investment bank and multilateral development financial institution established by treaty amongst Sovereign States. AFC has a paid-in capital in excess of US$1.1bn and has a mandate to invest in infrastructure related projects throughout the continent of Africa.